TD Bank, known for its slogan as “America’s Most Convenient Bank,” is closing 38 branches across the United States, with three of them located in Florida. The closures come in the wake of a money laundering scandal that resulted in the bank paying a historic $3 billion settlement.
A TD Bank spokesperson reassured customers that the company remains committed to ensuring a smooth transition for those impacted. “We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to continuing to provide legendary service via one of our approximately 1,100 stores or any channel our customers choose,” the spokesperson said in a statement to Banking Dive.
The reason behind the closures
While TD Bank has not provided a detailed explanation for the branch closures, its recent legal troubles are believed to be a significant factor. In 2023, the bank pleaded guilty to conspiracy to commit money laundering, making it the first U.S. bank in history to admit to such a charge. The case led to a $3 billion penalty, the largest ever for a bank violating the Bank Secrecy Act.
“By making its services convenient for criminals, TD Bank became one,” former Attorney General Merrick B. Garland said last year. “Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering.”
The scandal also had repercussions for TD Bank executives. Leo Salom, head of the bank’s U.S. retail operations, saw a reduction in salary due to the legal fallout. Board chairman Alan MacGibbon acknowledged the impact of the controversy on the company’s operations.
“There is no doubt that 2024 was a challenging year for TD,” MacGibbon stated. “The gravity of TD’s U.S. anti-money laundering failures, the associated costs, and the limitations imposed on the U.S. retail business had and will continue to have a significant impact on the bank.”
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Florida locations affected
Among the 38 branches set to close, three are in Florida:
- Daytona Beach: 1590 S. Nova Road
- Lake City: 160 NW Main Blvd.
- Miami Beach: 500 Collins Ave.
These closures are part of a broader shutdown affecting TD Bank locations in the Northeast, Mid-Atlantic, and parts of the Southeast.
Timeline for the Closures
TD Bank has announced that the affected branches will begin closing in June 2025. Customers who use these locations are encouraged to transition their accounts to nearby TD branches or use the bank’s online and mobile banking services.
TD bank’s presence in Florida
Despite the upcoming closures, TD Bank still maintains a significant presence in Florida. According to Bank Branch Locator, the financial institution operates more than 160 branches across the state. While these closures may inconvenience some customers, TD Bank’s widespread network still provides access to banking services throughout Florida.
What customers should do
With branch closures on the horizon, TD Bank customers should consider the following steps:
- Find the nearest alternative branch: TD Bank’s website offers a branch locator tool to help customers find the closest available location.
- Utilize online and mobile banking: Many banking services, including check deposits and bill payments, can be handled digitally.
- Check for automatic transactions: If you have automatic bill payments or direct deposits tied to a closing branch, update your banking details accordingly.
TD Bank has assured its customers that it will continue to provide support during this transition, ensuring they have access to the services they need.
